A new zero-deposit mortgage aimed at helping renters and first-time homebuyers get on the property ladder has been launched by Skipton Building Society. The new ‘track record’ mortgage could enable people with a strong history of paying their rent in full and on time, but who have been only able to save a little or nothing for a deposit, to buy their first home.
The deal is available for first-time buyers across Britain. Tenants aged 21 and over may be able to take out mortgages at between 95% to 100% of the value of the property they want to buy. In return, they will need to demonstrate a strong track record of paying their rent, with evidence of a minimum of 12 months of rental history.
This evidence could be provided through bank statements or a letter from a suitably registered letting agent.
